2020-07-03 08:09 ET – News Release
Mr. Ian Peres reports
MONETA ANNOUNCES $6.0 MILLION FINANCING
Moneta Porcupine Mines Inc. has arranged a non-brokered private placement for approximately $6-million comprising up to (a) 14.3 million common shares at 14 cents and up to (b) 19.05 million common shares issued on a charity flow-through basis at 21 cents.
The proceeds of the flow-through shares will be used to incur Canadian exploration expenditures that are flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) on the company’s Golden Highway project, which will be renounced to the subscribers with an effective date no later than Dec. 31, 2020, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of the flow-through shares.
The placement is expected to close on or before July 23, 2020, and is subject to the Toronto Stock Exchange four-month hold period and regulatory approval.
About Moneta Porcupine Mines Inc.
The company holds a 100-per-cent interest in six core gold projects strategically located along the Destor-Porcupine fault zone in the Timmins gold camp with over 85 million ounces of past gold production.
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